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ELMSFORD, N.Y. — A new partnership between Honda and SolarCity, which has an Elmsford location, will offer free solar panel installation to thousands of Honda and Acura drivers.
The partnership is part of an effort to make solar energy more affordable to Honda and Acura customers and address global climate change by reducing carbon dioxide emissions, according to a press release. California-based SolarCity expanded into Elmsford in August 2012.
With a $65 million investment fund, SolarCity expects the deal will accommodate thousands of interested homeowners throughout 14 states where SolarCity operates, the press release said. While installation will be free upfront, homeowners will have to sign a 20-year energy supply contract with SolarCity through an upfront charge or a predetermined monthly cost.
SolarCity's clean energy is not only sustainable, monthly bills for solar power are at least 10 percent less than utility power, said Ed Steins, SolarCity northeastern regional vice president.
Honda automakers have already taken steps to reduce carbon dioxide emissions through vehicles like the 2014 Honda Accord Plug-In Hybrid, the Fit EV and the Honda FCX Clarity fuel cell electric vehicle.
"At Honda, we are always looking at ways to improve the lives of our customers while reducing our environmental footprint," said Steven Center, vice president of Honda's Environmental Business Development Office, in a statement.
The Curry Acura dealership in Edgemont and the White Plains Honda dealership will also be eligible for an offer that provides free solar panel installation to dealerships within the company's service areas.
SolarCity CEO Lyndon Rive said the partnership is a first of its kind among automakers, and that he hopes the deal emphasizes that sustainable energy is the country's "new normal."
"This is an unprecedented partnership — few companies have made a more substantive or comprehensive commitment to environmental responsibility than Honda," Rive said in a statement.
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Solar leasing or solar fleecing ? You decide. The solar leasing companies want your roof so that they can take your 30% federal tax credit worth thousands of dollars. They will also take any and all other financial incentives such as cash rebates and REC credits. In exchange you'll only get a 10 to 15% reduction in your electric bill after you factor in the lease payments and you'll be stuck with 20 years’ worth of lease payments on forever ageing solar equipment that you can't sell because it won't belong to you. In fact after making 20 years’ worth of lease payments, if you want to keep the system, you'll have to buy it from the leasing company at fair market value. And good luck ever selling your home with a lease attached to it. What home buyer will want to assume your lease payment on used equipment when they can buy a brand new, state of the art system for as little as 1/3 the cost of your lease payments. Today you can buy a complete, name brand, grid tie solar system for only $1.66 a watt. And that's before any incentives. Instead of a solar lease why not get an FHA $0 down solar loan so you can keep the 30% federal tax credit and all the other financial incentives for a much better return on your investment. Oh, and that discount that the leasing company is offering you, who do you think is paying for that in the end? Right, how generous of you.